NEWS

World Bank reviewing rules to protect environment

The World Bank is set to revise
its safeguard policies for lending, which, if implemented, will ensure that the
projects that the Bank is funding follow norms to protect environment and
vulnerable communities. But, the civil rights organisations feel that the
draft, which has been leaked earlier this month, is diluting the existing norms
of the Bank and has the potential of impacting indigenous and vulnerable
communities, besides diluting environmental protection rules. The Bank’s
Committee on Development Effectiveness (CODE) of the Board of Executive
Directors is expected discuss this draft on Wednesday. When contacted by Business Line, World Bank spokesperson said the “safeguard
policies are at the center of our efforts to protect people and the environment
and to achieve our goals to end extreme poverty and promote shared prosperity
in a sustainable manner.”